In a move clearly resulting from former TVNZ newsreader Richard Long's constant TV advertisements reassuring investors about Eric Watson and Mark Hotchin's investor scamming vehicle Hanover Finance, the Government has announced that celebrities will be liable for false financial statements made while endorsing finance companies.
Commerce Minister Simon Power announced penalties of up to 10 years jail and a fine of up to $1 million for individuals or $5 million for companies for "known or reckless inclusion of a false statement" in any disclosure documents.
Richard Long says he would have never done the campaign if the penalties had been in place. Which is why the penalties are needed. TV One news story
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